All-India House Price Index rises 2.8% in third quarter of current fiscal year

The Reserve Bank of India reported on Tuesday that the all-India house price index (HPI) increased 2.8 percent in the October-December quarter of 2022–2023 compared to 3.1 percent a year earlier.

Based on transaction-level data acquired from the registration authorities in ten major cities, the RBI publishes the HPI on a quarterly basis.

These are the cities: Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai.

In the third quarter of the current fiscal year, HPI movements varied greatly between the cities, with Kochi experiencing a growth of 7.1% and Jaipur experiencing a contraction of 9.1%.

The RBI reported that while Lucknow, Kolkata, and Jaipur experienced sequential declines in the index, it rose for the other cities. “On a sequential (q-o-q) basis, all India HPI increased by 1.3 percent in Q3:2022-23,” the RBI said.

In 2007, the Reserve Bank started the process of creating a house price index (HPI) and published a quarterly HPI for Mumbai city as its first sample. The nine additional cities have been added to the coverage over the quarters.

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